Pawn Shops Tag

11 Nov Pawnstyles of the Rich and Famous

In Beverly Hills, pawnshops cater to people who hock high-end merchandise when they need cash, at rates higher than banks charge, but well below those paid by the average Joe. While most pawn shops and payday money lenders charge interest rates and "fees" of 300 per cent to 500 per cent per annum, the rich and privileged pay an average of 4 points a month at Beverly Hills hockshops. "I've never seen so many bankers, lawyers, doctors and actors'' with valuable things to pawn, said Tabach-Bank, the chief executive officer of Beverly Loan Co. in Michael Janofsky's Bloomberg article, Down and Out in Beverly Hills: Rolexes, Picassos Hit Pawnshops .
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